Western Digital Corporation Q1 Earnings Results

Western Digital Corporation

announced their Q1 revenue of $3.8B and Non-GAAP net income of $514M, or $2.06 per share. During the September quarter, Western Digital generated $680M in cash from operations. Total cash and cash equivalents totaled $4.9B. The company bought back 2.3M shares of common stock for $150M and announced a $0.25 per share dividend paid on October 15th. President and CEO Steve Milligan commented on the strong quarter, noting the “innovative storage solutions” aiding in value available to customers. He added, “Our HGST and WD subsidiaries continued to execute very well. Outstanding linearity drove strong operating results, with gross margins above the midpoint of our model range and earnings per share well above the high end of our guidance. Longer term, we are very excited about our ability to enable the ongoing creation, storage and management of digital content by consumers and businesses." The results will be broadcasted live over the Internet today at 3 p.m. Pacific/6 p.m. Eastern. The call webcast can be accessed online at investor.wdc.com. The telephone replay number is 1-800-685-6364 (US) or +1-402-998-0553 (international). Other stocks that will trade closely include Seagate Technology

, SanDisk Corporation (SNDK), and OCZ Technology Group Inc.

.